Latest / Simply Bitcoin / Max Keiser: Global Bitcoin Adoption Imminent | EP 1073

Transcript

Max Keiser: Global Bitcoin Adoption Imminent | EP 1073 · Simply Bitcoin

• 0:21
  Does the inability of Vice President Harris answer that?
• 0:27
  Really important question at the beginning, are Americans better
• 0:31
  off than they were four years ago?
• 0:34
  It was a very, very evasive, clearly scripted answer.
• 0:39
  But the answer to that, I think if you polled the American
• 0:41
  people is I, I would say 95% would say no.
• 0:44
  They're much worse off than they were four years ago.
• 0:48
  President Trump had one of the lowest inflation rates in recent
• 0:52
  American history. Today, we're experiencing the
• 0:55
  highest. We have a first generation of
• 0:57
  American kids who can't get into homes.
• 1:00
  We have the unaffordability at the gas station, at the grocery
• 1:03
  store, people who are down grading ingredients to make it
• 1:07
  through the checkout counter, elderly people who are cutting
• 1:11
  up their prescriptions to pay for food or fuel.
• 1:15
  This is happening all over our country.
• 1:16
  It's the first time in American history that you have a
• 1:19
  generation of kids who's going to be worse off than their
• 1:23
  parents. And president, Vice President
• 1:26
  Harris has had four years to deal with these issues and
• 1:29
  they've just gotten worse. And unfortunately, we had
• 1:32
  moderators who were clearly biased, who were constantly fact
• 1:37
  checking Donald Trump. And none of these kind of
• 1:42
  whoppers that the Vice president was, was saying and none of her
• 1:46
  failure to really explain that answer that first question, that
• 1:49
  very, very critical first question, they simply sat there
• 1:53
  on the sidelines, right, allowed, allowed that to pass.
• 1:59
  Yeah, we're going to simply Bitcoin Live, your number one
• 2:01
  source for the peaceful Bitcoin revolution and cup breaking
• 2:04
  news, culture, magic warfare. We will be your guide through
• 2:06
  the separation of money and state.
• 2:10
  The first presidential debate, I mean technically is the second,
• 2:13
  but the actual presidential debate between the candidates
• 2:16
  that are actually running for president happened last night at
• 2:19
  9:00 PM on ABC. And I'll, I'll approach it from
• 2:24
  this angle because we are a Bitcoin show and I don't want to
• 2:29
  get into all the other political discussions because that's not
• 2:32
  why you guys tune into us for and that's not what we're about.
• 2:36
  But what I will say is as a content creator, me and Opti
• 2:41
  have been doing this for a couple years now and we don't
• 2:46
  have any professional training whatsoever.
• 2:49
  We are self-taught. And what I will say is the bias
• 2:55
  that I saw from professional journalists yesterday was
• 3:01
  insane. And I'm not coming at it from
• 3:05
  the angle of like, you know, they treat they mistreated Trump
• 3:08
  or this and this and that. But I'm coming at it from the
• 3:11
  angle of most people, what they're feeling right now is the
• 3:17
  devastating effects of inflation, of which both
• 3:22
  political parties are responsible for, and the
• 3:28
  continued, like, illusion of politicians going and promising
• 3:35
  the American people that they're going to solve their issues.
• 3:41
  That is insane. We're going to talk about one of
• 3:45
  the bills that was passed I think a couple years ago is
• 3:48
  called the Inflation Reduction Act.
• 3:51
  That bill spent I think over $200 billion.
• 3:54
  I have the exact number. You don't reduce inflation by
• 4:00
  spending 200 billion. So we have a predicament and an
• 4:05
  issue here where it's an educational problem.
• 4:08
  It's an educational issue. We have to be able to educate
• 4:15
  the masses on the fact that it's not left verse right.
• 4:20
  It's green versus orange. Are you for pro Fiat, pro
• 4:24
  endless wars, pro reckless government spending, pro
• 4:30
  censorship, pro nihilism, pro poverty?
• 4:33
  Or are you pro Bitcoin, pro opportunity, pro hope, pro
• 4:39
  prosperity, pro censorship resistant, pro freedom?
• 4:44
  Like that's really what's happening here.
• 4:47
  And what I saw yesterday was incredibly biased reporters and
• 4:54
  Trump getting upset and then by and then Kamala, who's been in
• 4:58
  power for the last 3 1/2 years, you know, tell this story of joy
• 5:02
  and happiness and all this. And those are the two choices we
• 5:07
  have in front of us. Like that would be very
• 5:10
  depressing if I didn't have Bitcoin.
• 5:14
  And that's really what the message I want to focus on
• 5:16
  today, which is if what you saw last night, regardless of your
• 5:21
  own personal political beliefs and stuff, depress you and you
• 5:25
  are just like, holy cow, like these are the two choices in
• 5:29
  front of us. There is a third choice and that
• 5:32
  choice is Bitcoin. You can opt out of that system
• 5:36
  entirely, and you can start living the American dream today
• 5:41
  because if you've been using Bitcoin as your unit of account
• 5:45
  for the last, you know, five years, three years, even housing
• 5:52
  and groceries have gotten cheaper.
• 5:55
  If you've been living on a sound money standard and you just kept
• 5:59
  hearing in the debate yesterday like, the price of housing is
• 6:03
  too high, Kamala was like, yeah, we're going to give a tax
• 6:06
  credit. You know, Trump had his own way
• 6:09
  of, you know, approaching things and the entire time I'm thinking
• 6:13
  I'm like, you know, the solution is just Bitcoin.
• 6:16
  But for politicians, like if they're not the solution, that's
• 6:20
  a problem, that's an issue, right?
• 6:22
  So of course I'm not going to mention that.
• 6:24
  And then one last thing I'll say before I bring up our the
• 6:28
  panelists for today Opti and our guest is we have this election
• 6:33
  even though Bitcoin doesn't need a politician to succeed.
• 6:37
  I will say is that we have a pro Bitcoin, anti CBDC candidate
• 6:44
  which has been endorsed by RFK, which is Trump.
• 6:48
  And on the other side you have an anti Bitcoin and pro CBDC
• 6:52
  candidate, which is Kamala. So the two things are separate.
• 6:58
  You could start living the American dream today.
• 7:01
  Yeah, someone brought it up in the comment.
• 7:03
  No mention of $36 trillion government debt adding one
• 7:07
  trillion every month for every few months.
• 7:09
  Just to give you guys perspective, most countries
• 7:12
  don't even have AGDP of a trillion.
• 7:14
  El Salvador's GDP is 32 billion. Just to kind of give you give
• 7:17
  you guys an idea of the deficit and how are they able to afford
• 7:21
  the deficit. They print the difference and
• 7:24
  that causes inflation, and that is literally theft from anyone
• 7:27
  who is holding and earning in dollars.
• 7:30
  And that wasn't addressed. But there's two separate issues
• 7:33
  here. Issue #1 is both candidates
• 7:37
  didn't provide a solution. The solution is Bitcoin.
• 7:40
  Issue #2 if you're a Bitcoin entrepreneur and if you want the
• 7:45
  Bitcoin industry to thrive in the United States for the next
• 7:48
  four years or so, this year is a Bitcoin election.
• 7:54
  You have two separate candidates that have two different policies
• 7:59
  towards the industry. Even though one candidate is
• 8:02
  obfuscating that a little bit by using the media.
• 8:06
  If you take a look at the data, it's very, very clear.
• 8:09
  Operation Choke .2 point O the proposed 30% Bitcoin mining tax.
• 8:13
  The fact that nowhere in the the Democrats presidential of the
• 8:19
  the Democrats policy for 2024 is cryptocurrency, digital assets
• 8:23
  or Bitcoin included versus the Republican policy, which
• 8:28
  includes the protection of self custody, the right to mine and
• 8:33
  just allowing the the industry to thrive.
• 8:35
  SO2 separate things could be true at the same time.
• 8:38
  And I'm just seeing this and it's like the a metaphoric
• 8:43
  Titanic sinking into the ocean. And I'm watching this from the
• 8:48
  safety of my Bitcoin life raft by having my wealth in self
• 8:54
  custody. And I'm just watching this and
• 8:56
  I'm like, this is a disaster. This is a this is a disaster
• 9:00
  happening in slow motion and if you don't have your money in
• 9:04
  Bitcoin, you're going, if you don't have your money in Bitcoin
• 9:08
  in self custody, you are literally going along for the
• 9:11
  ride. Whatever you thought of the
• 9:13
  debate yesterday, you are going along for that ride.
• 9:16
  That is, that is what you're opting into by staying in Fiat
• 9:20
  money, but you have a choice as an individual that is completely
• 9:25
  independent of election to opt out into a non political money
• 9:30
  that can't be debased, that is censorship resistant, that is
• 9:33
  very difficult to confiscate and that is Bitcoin.
• 9:36
  So yes, it's an election year without a shadow of a doubt, but
• 9:40
  the most important vote that you can make this election season
• 9:47
  voting with your wallet and taking Bitcoin into self
• 9:50
  custody. That being said, also from a
• 9:54
  regulatory environment, we've made the case for you guys in
• 9:57
  terms of what is the better political candidate.
• 10:00
  But holy cow, I saw that yesterday and I said, man, thank
• 10:05
  God for Bitcoin. If Bitcoin did not exist, like
• 10:10
  it would be a very dark time for my perspective, like I think I
• 10:15
  would. I would be a gold bug maxi in my
• 10:17
  opinion, because I'm looking at that.
• 10:19
  I'm like, holy cow, this is insanity.
• 10:21
  This is late stage Fiat like that.
• 10:24
  I think this is what we're getting right now.
• 10:26
  I think the politicians themselves are suffering from
• 10:29
  inflation. Anyways, I do want to welcome
• 10:32
  our guests for today. We have Cena.
• 10:34
  He's the Co founder and COO of 21st Capital.
• 10:37
  And of course my legendary Co host who I don't know.
• 10:41
  I don't know how you could be optimistic after last night Opti
• 10:44
  but like holy like cow honey badger dude what the F was that?
• 10:50
  What's your take? Well, well, hold on your mic.
• 10:54
  Hold on, hold on. Well, Nico.
• 10:57
  Your microphone. Is it, is it not on?
• 11:02
  Oh, yeah, you're right. Am I bad?
• 11:03
  My bad. Guys, we're fixed.
• 11:04
  We're fixed, Nico. First and foremost, optimism is
• 11:08
  a way of life. You do not search for external
• 11:12
  input, external stimuli to be optimistic.
• 11:15
  This is how this is my operating system.
• 11:17
  This is what I suggest everyone else's operating system should
• 11:21
  be, is just pure optimism throughout anything going on.
• 11:26
  But overall, yeah, it was pretty, it was a pretty
• 11:31
  horrible, horrible debate first and foremost.
• 11:35
  A couple, a couple of drop balls in my opinion.
• 11:39
  No mention of Bitcoin, Not surprised at all.
• 11:42
  But of course, you know, Bitcoin completely absent in the debate,
• 11:45
  which you can argue is obviously outside of the Overton window as
• 11:50
  far as the mass population is concerned.
• 11:52
  So I totally see that. But they literally started the
• 11:56
  debate on the economy and again, a more inside the Overton window
• 12:02
  issue as far as I'm concerned, no touching on the idea of
• 12:07
  printing money. They had all of these obscure
• 12:10
  reasons for inflation and it's all about printing money.
• 12:15
  They're they're. Literally bro, it's literally
• 12:19
  all about printing money. It's so crazy.
• 12:20
  And then they they started talking about like other look
• 12:24
  most people like 99% of people. You know what they care about?
• 12:29
  They care about being able to provide for their family and
• 12:32
  being able to put food on the table and being able to make a
• 12:35
  good living. That is like 99% of people's
• 12:39
  problems. All these other issues, I'm not
• 12:42
  saying that they're not important, but it's like the
• 12:45
  emphasis on them is create and then like not going to World War
• 12:49
  three would be great also. And like the emphasis on like
• 12:53
  those, it's like, it's like, holy cow, it's like that.
• 12:56
  That's like, and then this leads me to something that we've been
• 12:59
  talking about for a long time for like this last week or so on
• 13:03
  the show. The general theme is it's not
• 13:06
  only what is money? The question is like, I'm down
• 13:10
  the rabbit hole enough where I'm asking like, what is government?
• 13:13
  Like what is the role of government?
• 13:15
  What I saw last night was like, not what I'm envisioning.
• 13:19
  Like, what is government? Government supposed to like, you
• 13:22
  know, keep society, order orderly, protect private
• 13:25
  property and, you know, set a set of rules so make sure that
• 13:29
  people don't cheat each other. Like that's supposed to be the
• 13:32
  total like what government is all about.
• 13:35
  And it's been Frankensteined into this.
• 13:38
  Like government is the all end all be all.
• 13:41
  It's supposed to do everything. Don't worry about it.
• 13:44
  Now we're going to get start giving you tax credits for
• 13:47
  housing and stuff like that. And we're going to be paying
• 13:50
  for, you know, like treatment and like this and that.
• 13:53
  And it's like, wait a second, like, I didn't agree to any of
• 13:56
  this. This is insanity, right?
• 13:58
  Anyways, I also want to touch on a few things.
• 14:02
  First off, there was a few funny moments to it though that I
• 14:05
  found myself cracking up. Especially the like Trump, like
• 14:08
  like, excuse me, I'm speaking like, does this sound familiar
• 14:10
  that that was that was some good viral moments there.
• 14:14
  First and foremost, as far as I'm concerned as someone that
• 14:16
  makes content. The second part that I think you
• 14:19
  already touched on is that there was seemingly like a fix that
• 14:24
  was in on that the the moderators.
• 14:26
  It seemed to be 3 on one. And then I think one of the most
• 14:29
  interesting aspects about this, whether Kamala won or lost is
• 14:34
  Taylor Swift endorsing Kamala right when it ended.
• 14:36
  So it did seem like there was a fix going in in favor of Kamala,
• 14:41
  but overall it was. It's politics.
• 14:45
  Am I surprised that they're not really hitting on the issues?
• 14:47
  No, it's just about sound bites and all that stuff.
• 14:50
  But man, what a crazy world we live in.
• 14:53
  It really goes to show that maybe we don't need a president
• 14:56
  to control the economy. Maybe we I need a president to
• 14:58
  control the world. I don't know, I'm just
• 15:00
  spitballing here. That, I mean, that's what I'm
• 15:03
  trying to tell you is like, what is the role of government
• 15:05
  anyways? We haven't let our guests say
• 15:07
  anything yet. So Cena, how you doing, man?
• 15:10
  You've been listening to me and Opti just react to the
• 15:13
  catastrophe of the first presidential debate.
• 15:16
  Like if you watch debates from like 20 years ago and you watch
• 15:21
  them now, it's it's insane. It's it's just like night and
• 15:25
  day. And I, and I really believe that
• 15:26
  it's like like, you know, it's it, I think it has to do with it
• 15:32
  has to do with with broken money.
• 15:35
  Anyways, Cena what? What's your take on all this
• 15:38
  bro? Hey guys, I love to be with you
• 15:41
  guys. I was just listening and I
• 15:44
  couldn't agree more with everything you guys said.
• 15:46
  I mean very well said, very well put, balanced take.
• 15:52
  I'm just following what you just said.
• 15:55
  I used to listen super, super carefully to political speeches,
• 15:59
  not because I cared much about the content, but just because
• 16:02
  how the quality of the speech it, you know, gave me ideas in
• 16:08
  how to form my sentences. I used to like even listen to
• 16:13
  Obama's speeches in terms of to learn better English.
• 16:17
  Like, not that, not that I agreed with the content one way
• 16:21
  or another, but now it's. It's probably a harsh work to
• 16:27
  say, but it's all a clown show for me.
• 16:29
  It's all theatrical. Totally, that's what I'm saying.
• 16:31
  It's nuts. They're they're talking about
• 16:34
  eating the cats and the like bro, like I was like holy like
• 16:36
  what is this? Like these are the people
• 16:39
  controlling the nuclear code. Like it was like it was mind
• 16:42
  blowing 100% like it it used to have a lot more prestige.
• 16:47
  They used to speak better. I completely agree.
• 16:50
  But yeah, it, it, it's just crazy.
• 16:52
  And also in other news, guys, we're going to talk about Max
• 16:55
  Kaiser's global hash war as well.
• 16:57
  Really looking forward to that. It looks like every like it
• 17:01
  looks like countries, public companies, energy companies,
• 17:07
  they're all mining Bitcoin. Max Kaiser's making the case
• 17:10
  that there's going to be a global hash war.
• 17:12
  Not war in the traditional sense, but essentially a, a
• 17:16
  battle for which country could accumulate as much Bitcoin as
• 17:21
  humanly possible. And I think it's, it's obvious
• 17:25
  in hindsight, but you know, it, it's, I mean, it's, it's, it's,
• 17:30
  we always knew that this was going to happen.
• 17:33
  But you know, it's, it's just crazy watching it play out, in
• 17:36
  my opinion, to the point where the Marathon CEO is literally
• 17:43
  saying that Bitcoin is a, is a, is a matter of national
• 17:47
  security. And this comes on the heels of
• 17:50
  the news coming out of Russia where Putin made a literally a
• 17:55
  180 and essentially made Bitcoin mining legal and Bitcoin for
• 18:01
  facilitating international transactions legal as well.
• 18:04
  So I think this is Bitcoins incentives playing out in real
• 18:07
  time. It's glorious to see.
• 18:09
  It's awesome, but I can't say I'm not surprised either.
• 18:14
  Like this is bitcoins incentives for you.
• 18:16
  Anyways, guys, before we jump into the show, we're also going
• 18:19
  to talk to Cena about 20 First Capital during the culture
• 18:23
  segment. So really excited about that as
• 18:25
  well. But before we jump into the
• 18:27
  show, I do want to give a very special shout out to simply
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  platforms, one of the things that I, I one of the messages
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  At the time of recording, the Bitcoin price is at $57,040.
• 21:34
  Sats per dollar 1753 block height 860,800 99 blocks to
• 21:41
  having 189,101 having estimate March 23rd, 2028 Total lightning
• 21:49
  network capacity 4962 BTC capacity value 283,000,000
• 21:56
  Realized monetary inflation 1.38% market capitalization 1.13
• 22:01
  trillion Bitcoin versus gold market cap 6.47%.
• 22:06
  In the grand scheme of things, we are just getting started
• 22:09
  anyways. Another another example of what
• 22:11
  I was talking about yet the earlier on the show is again
• 22:15
  like this is this is gnarly. Here's Elizabeth Warren, and
• 22:19
  here's her solution for lowering the the cost of housing.
• 22:24
  You might think you're never going to be able to afford
• 22:27
  buying a home, and you're not alone in that.
• 22:29
  A new poll shows that 86% of renters in the United States
• 22:33
  want to buy a home but can't afford one.
• 22:36
  It doesn't have to be this way. I have a bill that would build 3
• 22:41
  million new housing units and lower the cost of housing, all
• 22:45
  paid for by taxing the ultra wealthy.
• 22:49
  I'm fighting to get this done. Like, like, it's, it's, it's
• 22:53
  just like, it's like we're going to tax more.
• 22:55
  I have a bill. This is the solution.
• 22:58
  Like it's, it's, it's, it's total clown world.
• 23:01
  Now let's take a let's take a look at like what is the actual
• 23:05
  cause of housing going through the roof?
• 23:09
  Well, first, I want to present you with a clip from Joe Biden
• 23:14
  referencing the Inflation Reduction Act.
• 23:17
  It's interesting. Take a look at what he has to
• 23:19
  say at the end regarding the bill.
• 23:22
  My my investments that through my investments, the most
• 23:27
  significant climate change law ever.
• 23:29
  And by the way, it is a $369 billion bill.
• 23:33
  It's called the we we we should have named it what it was, but
• 23:38
  it. They should have named it what
• 23:40
  it so like spending $369 billion and then obfuscating that behind
• 23:49
  the so-called Inflation Reduction Act because they know
• 23:52
  that people are hurting from inflation.
• 23:55
  Like that is evil, man. That is evil.
• 23:58
  And by the way, both political parties, they print money.
• 24:02
  So this isn't just focusing on the Democrats specifically, but
• 24:05
  they're the ones that are in power right now.
• 24:07
  But both political parties, they just print money.
• 24:10
  And who pays for that? Well, anyone who's earning and
• 24:13
  saving in Fiat is the ones footing the bill.
• 24:16
  So like, this is nuts. This is gnarly, and this is the
• 24:21
  psyop. Like this is the thing that we
• 24:23
  have to do as Bitcoiners. Our mission is to wake people up
• 24:28
  to the scam that is Fiat money. Our mission is to wake up, to
• 24:33
  wake people up to the fact that if you start living your life on
• 24:40
  a Bitcoin standard, you don't have to wait for Elizabeth
• 24:44
  Warren to tax the ultra wealthy. You don't have to, you know,
• 24:49
  wait for the Inflation Reduction Act, which isn't even focused on
• 24:53
  inflation. It's focused on climate stuff.
• 24:56
  You don't have to focus on any of these things, and I'm going
• 24:59
  to read you a quote from Milton Friedman.
• 25:01
  He says inflation is always and everywhere a monetary phenomenon
• 25:05
  in the sense that it is, and keep can be produced only by a
• 25:09
  more rapid increase in the quantity of money than an
• 25:13
  output. Very simple.
• 25:15
  So, and now let's get to the the Inflation Reduction Act, right
• 25:21
  now that you know that, right? How do you reduce inflation?
• 25:23
  You stop printing money. And then I'll show you guys the,
• 25:26
  the housing data as well. So the Inflation Reduction Act,
• 25:29
  which was signed into law by President Joe Biden August 2022,
• 25:33
  is projected to cost approximately 437 billion / a
• 25:37
  decade. The majority El Salvador's GDP
• 25:41
  is 32 billion. Just to kind of give you guys an
• 25:43
  idea of the scope, right? The majority of this spending is
• 25:45
  directed towards addressing climate change, healthcare
• 25:48
  costs, and energy security. Then why is it called the
• 25:51
  Inflation Reduction Act? Like it's like it's a gaslight.
• 25:57
  And they're taking advantage of the fact that people don't
• 26:00
  understand and they're not aware of the fact that money can exist
• 26:06
  without inflation. Politicians have been taking
• 26:09
  advantage of that for a very, very long time.
• 26:12
  And then they come to you with false hope and solution.
• 26:17
  Like, I'm going to pass a bill. Like, it doesn't need to be this
• 26:20
  way. Yeah, it doesn't need to be this
• 26:21
  way if you stop printing money now.
• 26:23
  Let's take a look at the data, right?
• 26:25
  So if you take a look at at the year, right?
• 26:32
  This is when the pandemic happened, right?
• 26:36
  Since 2020, that's the M2 money supply chart right now.
• 26:41
  Let's take a look at inflation. It's 2020 started printing money
• 26:46
  2021-2022. Isn't that crazy, right?
• 26:50
  And then you hear Elizabeth Warren talking about, you know,
• 26:53
  the housing for like the housing prices like they keep going up.
• 26:56
  Like I don't understand. Like it's the ultra.
• 26:59
  We have to tax the ultra wealthy to fix this.
• 27:01
  OK, so let's take a look at housing prices.
• 27:05
  Look at that 2020 how it's, it's, it's almost as if it's
• 27:10
  correlated with the money supply.
• 27:13
  Look at that. Maybe I'm just seeing things
• 27:15
  that are not there. Isn't that interesting?
• 27:17
  And it's almost as if the inflation rate is correlated to
• 27:22
  the money supply as well. Isn't that a coincidence?
• 27:26
  All of these things and then government solution right here
• 27:30
  it is, is let's tax the ultra wealthy.
• 27:34
  And the other government solution and the Inflation
• 27:38
  Reduction Act is to print more money which we don't have. the
• 27:44
  US government spent $1.7 trillion more than a collected
• 27:49
  in tax revenue in 2023. How are they able to spend that
• 27:53
  type of money? They printed the difference and
• 27:56
  what happens when you print the difference?
• 27:58
  This is what happens. So Elizabeth Warren, the
• 28:01
  solution to making housing prices affordable for the
• 28:06
  average everyday American is not your freaking bill.
• 28:10
  It's to stop spending money you we don't have.
• 28:15
  The the problem is with this system is that you can't rely on
• 28:19
  the government to do that because you have to essentially
• 28:23
  trust that the government isn't going to debase the currency.
• 28:26
  This is something that Satoshi identified very early on.
• 28:31
  Don't trust verify. You don't have to trust anyone
• 28:34
  in Bitcoin. It's, it's absolutely scarce.
• 28:37
  There's 21 million, no one's going to debase it.
• 28:41
  It's censorship resistant because of those things.
• 28:45
  If you've been saving in Bitcoin for the last three to five
• 28:48
  years, that housing that you saw going up in Fiat terms has
• 28:54
  actually decreased by 80 to 90%, even though housing is doubled
• 28:58
  in Fiat terms. It's not politicians that are
• 29:02
  going to solve these problems. It is individuals choosing to
• 29:07
  opt out of clown world by opting out of political money, by
• 29:13
  choosing Bitcoin that's going to solve these problems.
• 29:15
  And none of this was addressed during the debate last night.
• 29:20
  This is the solution to these problems, not more bills, not
• 29:24
  more politicians. Now I'll end it with this.
• 29:28
  That being said, what politicians can do for hyper
• 29:33
  bitcoinisation to accelerate is get out the way and create a
• 29:38
  positive regulatory environment for Bitcoin businesses to
• 29:42
  thrive. And there it's a very simple
• 29:45
  decision. You have a pro Bitcoin candidate
• 29:47
  and you have an anti Bitcoin candidate.
• 29:49
  Worse, you have a pro Bitcoin candidate, anti CBDC candidate
• 29:53
  and then you have a anti Bitcoin candidate, pro CBDC candidate.
• 29:58
  So this is just it's clown world.
• 30:01
  But the reason that they keep getting away with it is a
• 30:04
  failure on our part because that means that we have not educated
• 30:09
  enough people on the scam that is Fiat money.
• 30:13
  And as long as these politicians are able to operate in an
• 30:17
  environment where most people are still asleep and they're
• 30:21
  seeking to politicians for solution and they're not taking
• 30:25
  agency and personal responsibility and choosing to
• 30:29
  opt out into a better unit of account and a better money, then
• 30:33
  this is going to keep happening. And the debates that happened
• 30:36
  last night, they're going to keep happening.
• 30:37
  And you're going to continue to see more gaslighting with the
• 30:41
  audacity of cause of naming a bill called the Inflation
• 30:45
  Reduction Act because they knew that people were pissed off
• 30:48
  about inflation, that all it did was literally spend $369
• 30:54
  billion. It is insane.
• 30:58
  So we're going to keep hammering this message home until enough
• 31:02
  people wake up to the fact that Fiat money is a scam.
• 31:06
  All we need is a 5 to 10% of the minority to wake up to this
• 31:11
  reality. And I'm telling you guys, we're
• 31:13
  going to effectuate change more than any politician would have
• 31:17
  ever been able to. Politicians and government are
• 31:21
  the problem. They're the ones causing these
• 31:24
  prices to go where they are. It's not anything else.
• 31:28
  And don't let them gaslight you to believe otherwise.
• 31:31
  Anyways, I'm going to pass it on to Cena and then Opti.
• 31:36
  Yeah, well said. If you're familiar with this
• 31:40
  thing called a tragedy of the Commons, it's kind of something
• 31:45
  that economists discovered, and I think someone got a Nobel
• 31:49
  Prize for working on it. The idea is if you have a shared
• 31:53
  resource that is owned by everyone and no specific parties
• 31:58
  responsible for it, it ends up in tragedy because everyone will
• 32:03
  just try to extract as much as possible from that resource
• 32:06
  without really owning the consequences.
• 32:09
  So it's like you extract for yourself.
• 32:11
  Consequences is shared, socialized among others.
• 32:14
  And that's exactly what's happening in our in our world
• 32:17
  right now. Politicians are extracting value
• 32:20
  out of every paycheck we get. You know, if you add up all the
• 32:23
  things you pay for, perhaps you get just a little bit more than
• 32:26
  half of the the wage that your employer pays.
• 32:32
  That 30 percent, 40% of it goes to a shared pool of easy money
• 32:38
  for these politicians. And what they do is they now use
• 32:41
  that money to promise their friends and family different
• 32:45
  beautiful things. And that demand is endless.
• 32:49
  There's endless number of parties in a society that just
• 32:52
  want more and more from these politicians.
• 32:55
  And they're going to just trade those tax dollars with with
• 32:59
  votes and the guarantee that they'll remain in power for a
• 33:04
  longer time. And this always creates a lot
• 33:08
  more pressure to spend than we have money.
• 33:11
  And as you aptly mentioned, Fiat actually allows us to spend more
• 33:17
  than we have and again, socialize the cost and have
• 33:22
  everybody else pay for whatever plan that a politician, you
• 33:30
  know, devises as a deal with the stakeholder that they're dealing
• 33:35
  with. And so this is this is what's,
• 33:38
  you know, democratic system is doing.
• 33:40
  They are they are extracting value from the society and
• 33:44
  creating a tragedy of Commons with the resource that's a tax
• 33:50
  dollar. So when they tell me that, you
• 33:52
  know, some in the debate again question came up like what have
• 33:56
  you done to do this? What have you done to do that?
• 33:59
  And the answer is like, I spent so many billion dollars on this.
• 34:02
  I created so many tax credits for this group.
• 34:05
  I'm like, that's not anything you did.
• 34:08
  You simply took money from some other people and redistributed
• 34:12
  it to other redistributed to other people.
• 34:16
  You didn't create any value in that in that work.
• 34:19
  You simply moved someone someone's money and gave it to
• 34:24
  someone else. Most of the answers, most of the
• 34:28
  politicians think the job is to is to just redistribute
• 34:33
  resources from one person to the other.
• 34:35
  But in fact, most of the economic problems doesn't need
• 34:40
  anything. The solution is not, you know,
• 34:42
  the answer is not telling me where you spent money.
• 34:46
  The answer is just get away. I mean, get out of the way and
• 34:50
  don't do anything. So that's the right answer.
• 34:53
  But what we hear from both sides is I spend money here, I will
• 34:57
  spend money there. I'll create tax credits here.
• 35:01
  But the solution to our problems is for these people to do
• 35:04
  nothing. Absolutely nothing. 100% yeah.
• 35:08
  Like if they just got out of the way it would be, you know it
• 35:12
  like so that's that's the thing. And we just we have so much work
• 35:17
  to do guys as an edge on on an educational level.
• 35:19
  Also appreciate all of you guys zapping us some zats, some some
• 35:24
  zats, some sats on ZAP dot stream opting real quick about
• 35:28
  2-3 minutes and then we'll go into the new segment.
• 35:31
  Yeah, hold on I I think I need an accord over here anyway.
• 35:34
  Anyways, but really kind of doubling down on what Sina was
• 35:38
  saying, the real issue here is not taxing wealthy people.
• 35:44
  But I think the signal here, or rather the, you know, the the
• 35:48
  message behind what Elizabeth Warren is saying is that most
• 35:51
  people are just really economically illiterate.
• 35:54
  They just don't understand how things work.
• 35:56
  It's obviously an emotional plea that Elizabeth Warren is saying
• 35:59
  right now. It is fashionable right now to
• 36:01
  think that it's the wealthy people that are ruining the
• 36:03
  country, that it's the wealthy people that are taking advantage
• 36:06
  of the average everyday person, where in reality we're all
• 36:09
  getting poorer because of Fiat money, because government debt,
• 36:12
  because government words is our money right now.
• 36:16
  All you have to do is trust in the system.
• 36:17
  And they're going to continue to flood the system with more Fiat
• 36:20
  money in it, which is going to devalue everything.
• 36:23
  And so when you hear them say we just need to tax the rich more
• 36:26
  so that you can have affordable whatever in reality, I always
• 36:30
  just look at it. It's them deflecting from the
• 36:33
  real problem. Hence why I started this with, I
• 36:35
  didn't hear one point in that whole debate last night about
• 36:39
  them printing more money or them stopping to print money.
• 36:42
  All I heard is what Cena was saying is like, oh, I spent
• 36:45
  billions of dollars to fix this. And it's like, that is the
• 36:48
  fundamental issue here is the amount of money that is being
• 36:50
  created, which is devaluing all of our holdings and all of our
• 36:55
  wealth. And if you aren't wealthy enough
• 36:56
  to own assets, you're getting, you're getting poorer, you're
• 37:00
  you're getting wrecked by the system.
• 37:02
  The system is designed in a way where if you do not hold assets,
• 37:06
  if you are only saving in dollars, you are going to get
• 37:08
  poorer. And this is by design.
• 37:11
  And even if you really take into account Elizabeth Warrens
• 37:14
  strategy or bill of taxing the wealthy, it's also a cap on
• 37:19
  whether you have social mobility, whether you can
• 37:21
  actually move up in the system. You there's never going to be an
• 37:23
  escape from this. Everything I'm hearing is just
• 37:26
  different mechanisms to keep everyone else poor and keep
• 37:30
  their at this point, you know, cartel or military over the OR
• 37:34
  sorry, cartel or mafia over the money printing that is going to
• 37:38
  keep us all in perpetual poorness forever.
• 37:40
  This is why we Bitcoin is so you can save in something that they
• 37:44
  can't control, control that they can't debase.
• 37:46
  And this is the whole point. This is This is why Bitcoin
• 37:49
  really pulls a trump card on the Fiat system.
• 37:52
  It they're they can't financially engineer the system
• 37:56
  anymore. With Bitcoin though, they're
• 37:57
  going to try. The real problem is they don't
• 38:00
  know how to balance a checkbook. This is the problem.
• 38:03
  They're spending more money than they have.
• 38:05
  And it seems to be OK on the federal level.
• 38:08
  But when we do it on an individual level, you go
• 38:11
  bankrupt. Do you know the US has already
• 38:13
  been bankrupt? And Elon's been saying like the
• 38:15
  US is about to go bankrupt. It's like, man, what happened in
• 38:18
  1971? What happened in 1913 when the
• 38:21
  Federal Reserve was created? It's like we've been on this
• 38:24
  runaway train for a long time. And now we have a fix, which is
• 38:28
  Bitcoin. And more people need to wake up
• 38:30
  to it and more people need to learn to it.
• 38:32
  More people need to invest their capital and their wealth in
• 38:34
  Bitcoin. And things will start to change.
• 38:37
  And it's happening in. It's slowly but surely it's
• 38:39
  happening. Absolutely, 100%.
• 38:42
  All right, everybody, before we move on to the new segment, stay
• 38:45
  tuned because we're going to talk about Max Keiser's theory,
• 38:48
  the global hash war. It's playing out in real time.
• 38:52
  This is going to be the next 5 to 10 years.
• 38:54
  It's going to be it's going to be Bitcoin growing up, heading
• 38:59
  to the next phase. So stay tuned.
• 39:01
  We'll be right back. Let's head into the news.
• 39:03
  Let's do this. Here we go.
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  wallet. All right, everybody, so let's
• 41:11
  talk about this. Here's Max Keiser being
• 41:13
  interviewed by Isabella Santos at the Bitcoin Conference in
• 41:16
  Nashville, 2024. Everyone comes to Bitcoin
• 41:20
  eventually. You get it at the price you
• 41:21
  deserve. Everything goes to zero against
• 41:23
  Bitcoin. OK, Donald Trump's learning
• 41:25
  curve on Bitcoin just started and you know, he's like a lot of
• 41:28
  people that come to Bitcoin and said, I just found Bitcoin,
• 41:31
  here's how you improve it. No, you are second to Bitcoin.
• 41:35
  You will have to bend the knee to Bitcoin just like everybody
• 41:38
  else. Bitcoin is on its own vector.
• 41:40
  What does the United States or the.
• 41:42
  President that is in the election have to do, you know,
• 41:45
  to bend the knee, he has to make Bitcoin legal tender.
• 41:48
  He has to start putting Bitcoin on the treasury of the US
• 41:51
  government and he has to start in the Bitcoin global hash war.
• 41:54
  Every country is not going to be adding Bitcoin to the reserve
• 41:56
  status to compete in the global hash war in the 21st century.
• 41:59
  That's World War Bitcoin. You have to have Bitcoin.
• 42:02
  It's a it's a mad scramble to get more Bitcoin because the
• 42:05
  Fiat money world is collapsing. So if you want to win World War
• 42:08
  Bitcoin, you need to start accumulating and hoarding and
• 42:11
  buying and stacking Bitcoin aggressively as soon as
• 42:14
  possible. And that's hopefully the US is
• 42:17
  already far behind. You know, I wish them luck.
• 42:22
  So, OK, a couple of things to unpack here, right?
• 42:25
  First thing is the this idea of the global hash war, right?
• 42:30
  And that you'll see more and more countries try to get
• 42:34
  exposure to Bitcoin in a a variety of different ways.
• 42:38
  Also, one thing I do want to mention about Macs, Max was
• 42:43
  telling people about Bitcoin since it was basically a dollar,
• 42:48
  right? He's been around the block.
• 42:51
  He's, you know, Bitcoin OG. And remember back then, a lot of
• 42:56
  people reacted to Max the same way that potentially some people
• 43:00
  are reacting to Max when he's talking about, you know, the
• 43:04
  Bitcoin global hash war. It it it's like like, what are
• 43:07
  you talking about? A mad scrambled a Bitcoin like
• 43:09
  never going to see that happening.
• 43:10
  Well, it's already happening. And I'll make the case for you
• 43:12
  guys right now. First in El Salvador, El
• 43:15
  Salvador, they've made their reserves public.
• 43:18
  Every single day they acquire one Bitcoin.
• 43:21
  It continues to go up, not to mention their mining capacity.
• 43:24
  Also, we have the CEOs of large publicly traded Bitcoin miners
• 43:30
  saying stuff like Bitcoin is a national security concern for
• 43:35
  this country. Let's take let's take a look at
• 43:37
  what the Marathon CEO has to say.
• 43:40
  Bitcoin is of national security concern for this country.
• 43:44
  Russia is the world's second largest Bitcoin mining nation.
• 43:48
  Countries that operate on a Bitcoin standard from a
• 43:51
  perspective of transacting and holding Bitcoin can transact
• 43:55
  outside of the sanctions environment.
• 43:57
  They can transact outside of government controls.
• 44:00
  If the US does not have a substantial amount of Bitcoin
• 44:04
  mining on shore, they can be locked out and U.S. companies
• 44:09
  can be locked out of transacting their Bitcoin.
• 44:12
  So strategic ownership of block spaces of a national security
• 44:16
  concern. And that's why with 40% of
• 44:19
  global Bitcoin mining in the US, the US must maintain at
• 44:24
  dominance, not just in Bitcoin mining, but also in the holding
• 44:29
  of Bitcoin assets in U.S. companies, whether they're ETFs,
• 44:33
  whether they're Bitcoin mining companies, whether it's
• 44:35
  MicroStrategy. But the US must maintain
• 44:38
  dominance because by the same reason the US holds 40% of the
• 44:41
  gold reserves in the world, they can exert influence in financial
• 44:45
  markets. They have to do that as the
• 44:47
  world transitions to digital currencies.
• 44:49
  OK, it's incredibly well said. Ben, do you have anything you
• 44:51
  want? So what, what does that remind
• 44:54
  you of with what Kaiser was saying, right?
• 44:57
  Kaiser was saying in a prophetic way like this, this Kaiser has
• 45:02
  been saying this for years. You have to understand that.
• 45:06
  And then you now have the, I believe his name is Fred Teal.
• 45:09
  You have the CEO of Marathon saying we have to like the we
• 45:14
  have to stay on top of this. And then you had Trump at the
• 45:18
  Bitcoin conference literally saying, which is just common
• 45:22
  sense. If the Bitcoin doesn't take,
• 45:25
  sorry, if the United States doesn't take a leadership role
• 45:28
  within the Bitcoin industry, then China's going to do it.
• 45:31
  And here's the beautiful thing about all of this, guys,
• 45:34
  specifically if like you're not American or you're whatever,
• 45:37
  like look at it from this way, when country, and this is a
• 45:41
  theory from the sovereign individual.
• 45:42
  When countries start competing for your business and your
• 45:47
  Bitcoin and you're a Bitcoin holder, you know who wins?
• 45:51
  You do the individual, anyone who is holding Bitcoin is
• 45:55
  actively working for you. That's something that people
• 45:58
  have to understand. That's something that you have
• 46:00
  to wrap your head around and shout out to Kaiser for once
• 46:04
  again being prophetic in this and just noticing because it's
• 46:08
  the game theory playing out now. Fred Thiel said something really
• 46:11
  interesting about Russia. Guess what, ladies and
• 46:15
  gentlemen? Russia just legalized Bitcoin
• 46:18
  mining and Bitcoin for international trade.
• 46:23
  This happened September 1st was when the bill went into action.
• 46:28
  So could you imagine a country like Russia, which you can make
• 46:32
  a very strong case as an authoritarian regime with Putin?
• 46:36
  Could you imagine why they would see the necessity to make
• 46:42
  something like Bitcoin legal tender?
• 46:45
  Sorry, not legal tender. They would make Bitcoin mining
• 46:49
  legal. Why do you think that's
• 46:52
  happening? Well, they see exactly what Mac
• 46:55
  sees. They see exactly what the CEO of
• 46:58
  Marathon sees. It's not an option.
• 47:01
  It's a necessity as the world transitions to digital assets.
• 47:05
  Now, this isn't just happening in the United States and Russia.
• 47:08
  This is something that's happening worldwide.
• 47:11
  This is something that we mentioned a couple days ago.
• 47:14
  Japan's largest electricity provider explores Bitcoin mining
• 47:19
  with surplus renewable energy. So now you have the largest
• 47:25
  energy provider in Japan is actively mining Bitcoin.
• 47:30
  This is not an isolated incident.
• 47:32
  We've talked to you guys about the Kingdom of Bhutan.
• 47:35
  Bhutan partnered with one of the large, one of the world's
• 47:38
  largestly public traded, publicly traded Bitcoin miners
• 47:41
  bit deer. And guess what?
• 47:44
  They increased their mining capacity from 100 megawatts to
• 47:52
  600 megawatts, meaning they added 500 megawatts of mining
• 47:58
  capacity and infrastructure right before the halving.
• 48:02
  What does that tell you about what they anticipate is going to
• 48:08
  be Bitcoins future price appreciation?
• 48:12
  You don't make that type of investment into Bitcoin mining
• 48:16
  with the halving around the corner, if you don't believe
• 48:21
  that the dollar term, the appreciation of Bitcoin is going
• 48:25
  to continue into the future. So now you have the United
• 48:29
  States, you have Russia, you have Japan, you have El
• 48:32
  Salvador, you have Paraguay and energy companies as well.
• 48:36
  Actually, this came out two years ago.
• 48:38
  Exxon Mobil is mining Bitcoin in North Dakota as part of its
• 48:42
  plans to slash emissions. So the writing is on the wall.
• 48:47
  And I think it's a it's a game of musical chairs.
• 48:50
  It's a game of very, very big musical chairs.
• 48:53
  Why? Because unlike gold and I and I,
• 48:59
  I told you guys this yesterday, I like physical gold, but
• 49:04
  physical gold isn't absolutely scarce.
• 49:06
  You don't know how much gold is in the ground.
• 49:07
  You don't know how much gold is floating in outer space.
• 49:11
  When the price of gold goes up, the amount of gold production
• 49:14
  goes up with it. So the average inflation rate of
• 49:17
  gold is roughly like 2 to 3% on a yearly basis.
• 49:21
  The inflation rate of Bitcoin right now is at 1.38% and it's
• 49:28
  guaranteed to get cut in half in four years and four years after
• 49:33
  that, it's going to get cut in half again.
• 49:36
  Bitcoin is absolutely scarce. And if you're are, there's
• 49:42
  roughly 50 to 60 million millionaires all around the
• 49:45
  world, but there's only 21 million Bitcoin.
• 49:49
  Do the math. And then not to mention, it's
• 49:52
  not only the millionaires that are competing for this, it's
• 49:55
  nation states, it's public companies like Michael Saylor.
• 49:58
  Michael Saylor has proven that his strategy is outperforming
• 50:04
  everyone, including NVIDIA. Like, like what is coming is
• 50:10
  essentially people realizing that, holy cow, we need to get a
• 50:14
  hold of this asset. The problem for a lot of these
• 50:18
  governments and a lot of these millionaires, a lot whatever is
• 50:21
  that there's only 21 million Bitcoin.
• 50:24
  Are you going to sell your Bitcoin to them?
• 50:26
  I'm not going to opti. Are you going to sell your
• 50:29
  Bitcoin to BlackRock or Russia or any of these nation states?
• 50:34
  Cena, are you going to sell your Bitcoin to BlackRock and Russia
• 50:38
  and any of these nation states? No.
• 50:40
  So what's going to happen? The price is going to go up.
• 50:43
  I'm still not going to sell it because I'm not in this for the
• 50:45
  money anymore. I'm in this for the freaking
• 50:47
  revolution, baby. Anyway, Cena, what are your
• 50:50
  thoughts on all this? Is Max Keiser saying crazy
• 50:53
  things? Do you agree with his
• 50:55
  perspective? What's your take?
• 50:58
  Yeah. The first thing I'll say is for
• 51:00
  a lot of us, you know, Bitcoin is, is a solution to the to a
• 51:05
  lot of the economic problems and perhaps beyond that and
• 51:10
  important to realize that, you know, making money or think of
• 51:14
  it, thinking of it as an investment is one part of it.
• 51:16
  But what really, really excites me is, is the fact that I think
• 51:21
  I truly believe that Bitcoin adoption of Bitcoin is a step
• 51:25
  forward. It's going to improve economics.
• 51:28
  It's going to create more and more wealth for a lot of people
• 51:31
  and solve, solve the issue. So to me, the revolution part is
• 51:37
  extremely important and extremely relevant.
• 51:40
  And it just, that's what excites me.
• 51:42
  I remember just bursting into, I was crying when I heard El
• 51:47
  Salvador adopting Bitcoin. Not because I thought my bags
• 51:52
  are going to go up, right? Just because I, I, you know, all
• 51:54
  the, all the kind of all the ideas that were in our heads in
• 51:59
  terms of what's possible, what's how the world is going to change
• 52:02
  and how, how Bitcoin is going to affect change in the world.
• 52:06
  It was materializing. And since then, I mean, before
• 52:09
  and after everything is just happening according to the
• 52:13
  proverbial plan. I remember a few years back, I,
• 52:19
  I was running an educational platform with live sessions
• 52:23
  answering people's questions about Bitcoin.
• 52:25
  And something that typically came up was government is going
• 52:28
  to ban it. And we were explaining to
• 52:30
  people, hey, you know, talking about game theory, talking about
• 52:33
  the idea that government is not one thing.
• 52:36
  It's a lot of people are not a lot of stakeholders, a lot of
• 52:40
  parts, it's not a monolith and they will never agree on the
• 52:44
  same thing. And if one part of the
• 52:47
  government wants to ban something, another part realizes
• 52:49
  that there's something to be gained.
• 52:50
  And same idea happens across government, between governments
• 52:53
  as well. If one government wants to ban
• 52:56
  it, another government figures out, hey, we can make some money
• 52:59
  here. It's it's going to help us.
• 53:00
  It's going to help our help our treasury.
• 53:02
  So that was that. That was very unlikely to
• 53:05
  happen. But at a few years back, this
• 53:08
  was just an idea. It was our analysis, but just
• 53:12
  seeing this happen in real time, year after year, it's just
• 53:16
  amazing. And and we it's happening before
• 53:21
  our eyes and we just have to see it and a lot of people don't,
• 53:24
  right. This is how you miss some of the
• 53:26
  biggest changes in the world by just not looking.
• 53:30
  And you know, this year we've had some of the biggest changes
• 53:33
  in Bitcoin adoption, obviously with the ETFs, approval of the
• 53:38
  ETFs, Wall Street is coming to Bitcoin.
• 53:43
  We heard of pension funds. Some of the most conservative
• 53:48
  institutions are now investing. Wisconsin Board of WISPI, think
• 53:57
  I forgot the full name. They are now investing and they
• 54:00
  will definitely do more and more.
• 54:02
  And 17, more than $17 billion of Wall Street money has come to
• 54:07
  Bitcoin. Then we have specific companies
• 54:11
  that are learning from Michael Saylor and taking a page from
• 54:14
  his playbook. There's Similar Scientific.
• 54:16
  He will be a mini Michael Saylor in the next few quarters.
• 54:21
  Similar Scientific is a medical device manufacturer and his CEO.
• 54:26
  Just listen to, you know what the CEO says.
• 54:29
  It's exactly Michael Saylor type stuff in terms of conviction and
• 54:33
  belief in Bitcoin and and so on. We also have the same thing
• 54:39
  happening outside of the US. Like there's a meta planet in
• 54:41
  Japan that's exactly doing this. Another Michael Saylor move.
• 54:45
  And there will be many, many more that we're not we're just
• 54:48
  not hearing of, right. It's many institutions are
• 54:51
  silently adopting Bitcoin and taking positions without
• 54:55
  disclosing it. Some have incentive to disclose
• 54:58
  it, but a lot of them do not. They they think they won't gain
• 55:01
  much by by doing that. It's much better to silently
• 55:05
  accumulate and we, if you just use your imagination, you'll see
• 55:11
  many things are happening below the surface and they will, we
• 55:15
  will, we will see them as time goes on.
• 55:17
  Same thing happening with nation states.
• 55:19
  We have El Salvador, we have several other nation states
• 55:23
  interested in adopting it, putting it on their treasury.
• 55:26
  And we have several other countries that are interested
• 55:29
  and and I'm sure they're actively investing in expanding
• 55:33
  their mining operations. And a very simple one is say you
• 55:39
  talk about Russia, but we also haven't heard much concrete
• 55:43
  plans for from the Middle East and oil producing countries.
• 55:46
  Do you think they have an incentive to mine Bitcoin?
• 55:50
  Well, if you have so much oil, if you have so much gas, so much
• 55:55
  energy, and there is an international buyer that doesn't
• 56:00
  require you to agree to anything, it's a perpetual
• 56:05
  buyer. You can sell your energy to that
• 56:07
  system anytime, 24/7 and and get a handsome, handsome money for
• 56:14
  it. You don't need any permission to
• 56:16
  participate in anyone's money. You simply use your energy to
• 56:19
  mine Bitcoin. So it's a perpetual importer of
• 56:23
  energy. Do you think the oil exporters
• 56:25
  are interested in in mining and getting into the game?
• 56:28
  Of course, at any level you think about it, there is
• 56:32
  adoption and people sometimes get so impatient they just want
• 56:36
  the price to moon, you know, this weekend.
• 56:39
  But everything is happening according to, you know what we
• 56:44
  were expecting that the trend I just put out A to it as well,
• 56:48
  showing the the trend of Bitcoin addresses.
• 56:52
  And it's very interesting you see Bitcoin going from a bull
• 56:56
  market to a bear market, but the trend of adoption is the same,
• 57:00
  almost the same like in the past 10 years, we've been adding 50
• 57:04
  million addresses every year. And as I say this, I guarantee
• 57:07
  there is someone that's typing, hey, addresses don't mean number
• 57:10
  of people. One address can represent so
• 57:14
  many people and so many people can represent one address, of
• 57:16
  course. But still, this is a rough
• 57:19
  proxy, right? You can also improve it by
• 57:22
  limiting the size of address to a certain number of dollars.
• 57:25
  But I've looked at all these things and the same, the same
• 57:29
  idea comes out. You know, Bitcoin is growing
• 57:32
  regardless. It's a network and it's
• 57:35
  benefiting from the power of networks in in expanding and
• 57:41
  getting stronger as they grow right So actually if you look at
• 57:45
  the bitcoins growth it's it's a power of three in time.
• 57:51
  So as Bitcoin age increases, the, the size, the number of
• 57:58
  addresses grow proportional to the a cube of age, something
• 58:03
  like that. So it's, and it's been doing
• 58:07
  that like forever. It's, it's funny because it
• 58:09
  doesn't matter like what huge things are happening.
• 58:13
  It doesn't matter if the price is down, doesn't matter if the
• 58:15
  price is up. Network is growing and the world
• 58:19
  is smart enough to realize we have a great solution to a lot
• 58:22
  of a lot of our problems. And if we just join this
• 58:24
  network, it's going to be much better for us and much better
• 58:27
  for people around us. So it's a selfish thing, but
• 58:31
  also it's a, it's a revolution, a step towards improving the
• 58:36
  world as well. And and you, we simply have to
• 58:40
  kind of acknowledge what's going on. 100% and it and it's
• 58:45
  monumental. And I would say it's like I, I
• 58:48
  wouldn't say it's selfish. I would say it's like Bitcoin's
• 58:51
  an aligned incentive structure system.
• 58:53
  So the miners acting out of their own self-interest, the
• 58:57
  Hodlers, the node operators. And I think it's very difficult
• 59:01
  for if you're coming from the Fiat world and it's like, what
• 59:04
  do you mean? Everyone could win?
• 59:05
  And you're like, yeah, basically.
• 59:07
  Like it doesn't mean that everyone has the same purchasing
• 59:10
  power like Michael Saylor has. You could leverage his company
• 59:13
  and he has billions of dollars, but you're still going to
• 59:18
  benefit from that price appreciation just as much as
• 59:20
  Michael Saylor. And Michael Saylor is going to
• 59:22
  have to buy spot Bitcoin just like everyone else, right?
• 59:25
  It's not a system of special privileges and it's a system
• 59:28
  with aligned incentives. So anyways, I do want to
• 59:30
  continue this conversation, but let's get to the culture real
• 59:33
  quick and then we'll continue talking to see.
• 59:35
  Now let's check it out. All right everybody, before we
• 59:50
  continue to station with CNA to hand it off to Opti, I do want
• 59:53
  to give a shout out to our sponsor, the Orange Pull app
• 59:56
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• 1:00:21
  It's also one of the best ways to connect with me.
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  So if you want to reach me, you want to ask me a question,
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  download the orange pull up today, scan the QR code or check
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  the link in the video description.
• 1:00:35
  Anyways, Cena, you were on a you know I love that I love it.
• 1:00:39
  You're on a legendary rant. I want to continue that.
• 1:00:43
  I'm going to hand it off to Opti.
• 1:00:44
  I'm sure Opti has some questions prepared and I also do want to
• 1:00:47
  want to give you know where credit is due.
• 1:00:52
  Cena, your resume is quite impressive.
• 1:00:54
  PhD, you're a professor. I saw MIT in your bio as well.
• 1:00:59
  So this is a very intelligent individual who's who's in front
• 1:01:02
  of us today. And he's also the COO of 21st
• 1:01:07
  Capital. So anyways, I just wanted to say
• 1:01:09
  that Opti it's all. Yours.
• 1:01:10
  Yeah, yeah, let's, let's continue this, this, this, this
• 1:01:14
  theme of adoption. And I did pull up a couple
• 1:01:16
  tweets of yours. And I really like this framing
• 1:01:19
  that you put out there, Seema. And it's this idea of the age of
• 1:01:24
  Bitcoin is what matters and not the calendar year.
• 1:01:27
  So can you explain this? And I do have a tweet up here.
• 1:01:29
  So some visuals for the people. Yeah.
• 1:01:33
  So again, I want to go back to to the concept of a network,
• 1:01:38
  right. Bitcoin is a is a vehicle for
• 1:01:41
  storing value and transferring value, and it almost becomes a
• 1:01:48
  social phenomena because it's it's kind of a glue that
• 1:01:50
  connects human beings. And through that we create a
• 1:01:53
  network, right? And networks have this beautiful
• 1:01:57
  property that they are a lot more valuable when a lot more
• 1:02:01
  people join, right? We've all heard about the
• 1:02:03
  network effects, Metcalf's law and the idea that very roughly
• 1:02:09
  speaking, you know, it varies, but it's also strikingly similar
• 1:02:14
  across network that the value of a network is a square of the
• 1:02:18
  size of it. Again, like I said, many ways to
• 1:02:21
  define the size of a network. But if you just look at the
• 1:02:26
  number of addresses that we saw in the previous chart, it's
• 1:02:30
  funny enough that this number of address number explains a lot of
• 1:02:36
  the price growth. And when you run the numbers,
• 1:02:41
  price is price growth is a function of the square of the
• 1:02:46
  number of addresses. There's a multiplier there too,
• 1:02:48
  but it's, it's strikingly similar to what everything,
• 1:02:52
  every everything else we know from other networks.
• 1:02:55
  So it's kind of beautiful theory that that explains Bitcoin gets
• 1:03:00
  more and more valuable as their network grows And, and there is
• 1:03:07
  a lot of volatility and all I see there is the fundamental
• 1:03:11
  growth that's happening. And that growth is attracting a
• 1:03:15
  lot of crazy money to, you know, 100 X leverage guys that want to
• 1:03:19
  get a Lambo next week. And Bitcoin is very fair.
• 1:03:23
  I always say Bitcoin punishes tourists.
• 1:03:26
  And if you're there to just make a quick buck, Bitcoin is going
• 1:03:30
  to have you, you know, leave you disappointed and you're going to
• 1:03:34
  lose your coins. And the people who are in it for
• 1:03:37
  the long run and they've done the homework, they've spent
• 1:03:40
  hours and hours understanding this thing, they will be the
• 1:03:43
  more successful 1 so that there's just poetic justice and
• 1:03:47
  all those bull and bear markets. But if you take a slightly more
• 1:03:52
  quantitative approach to understanding the growth, you
• 1:03:58
  see that again, following the what you expect from network
• 1:04:02
  behavior, Bitcoin's value is very, very much proportional to
• 1:04:09
  its age and age. Again, why is it?
• 1:04:11
  Why does age matter? Because age links to adoption.
• 1:04:15
  And so a value value of one year was a lot more important when
• 1:04:21
  Bitcoin was one year old. So another year would be
• 1:04:23
  doubling the age, but now another year will be just taking
• 1:04:27
  us from 15 to 16 years old, right?
• 1:04:30
  So it's getting kind of less and less significant.
• 1:04:33
  But if you think in terms of age, the value, the price of
• 1:04:38
  Bitcoin is kind of behaving very in a very regular manner as a
• 1:04:45
  function of the age. So if the age, for example, in
• 1:04:47
  that chart I was showing every time the age of Bitcoin has
• 1:04:52
  increased by 40%, the price has 6X.
• 1:04:58
  And you know, there is, it's just striking because, you know,
• 1:05:01
  I analyze a lot of financial data and there's just, you can't
• 1:05:05
  find these regularities in anything else.
• 1:05:08
  You know, and I'm not saying this is exactly going to repeat
• 1:05:12
  in the future. There's a lot of caveats you
• 1:05:14
  have to say before, you know, you, you, you make a claim like
• 1:05:18
  that, but it has done this for the past 15 years and it makes
• 1:05:23
  total sense as it grows. 40% increase in age is as valuable
• 1:05:29
  now as as it was previously, so that's why you get the same
• 1:05:34
  multiplier of growth as time goes by.
• 1:05:38
  So you, I, I, I noticed the, the, there was a a slight price
• 1:05:44
  prediction there. I do want to bring that up.
• 1:05:49
  So Bitcoin grows 6X with every 40% growth in it's age.
• 1:05:56
  It is now 15 years old. The next 40% growth will be in
• 1:05:59
  20-30 and that's a 360 K Bitcoin.
• 1:06:05
  A lot of people would say that is quite bearish.
• 1:06:08
  Yeah, so I was just going to say, I guarantee someone right
• 1:06:12
  now is saying this is this is very bearish.
• 1:06:14
  But but the idea is, you know, if this pattern continues,
• 1:06:20
  that's what we get. That's the math.
• 1:06:21
  And there's nothing that we can do about it, right?
• 1:06:23
  We definitely want a lot more and a lot better, of course.
• 1:06:25
  But and and like I said, there is tons of volatility, right?
• 1:06:30
  This is just talking about continuation of an average
• 1:06:35
  pattern. And but if you add the cycles to
• 1:06:38
  it always, you know, if you look at all these bubbles that
• 1:06:42
  created, they just take the price significantly higher than
• 1:06:46
  a relationship like this would suggest, right?
• 1:06:49
  But it's not going to last for a long time, right?
• 1:06:51
  So you probably see super, super high numbers, but there will be
• 1:06:55
  lots of volatility. And but I'd like to just because
• 1:06:58
  I don't care much about the ups and downs.
• 1:07:01
  I like to think in terms of fundamentals, in terms of growth
• 1:07:04
  and adoption. So what really matters to me is
• 1:07:06
  that red dashed line just keeping keep doing what it's
• 1:07:11
  been doing. Like if that grows, if the
• 1:07:13
  average grows, I don't care if the price goes a lot higher or a
• 1:07:17
  lot lower, as long as it just reverts back to the mean.
• 1:07:21
  But yeah, that's the same relationship which suggests that
• 1:07:25
  another 40% which is 21 years old, 20-30 there, the average
• 1:07:30
  will be this, but you probably have much higher top and perhaps
• 1:07:36
  a little bit lower for the bottom of the bear market that
• 1:07:38
  happens then. Yeah, I, I think this is a low
• 1:07:42
  key kind of bullish because of what I heard is basically 2030
• 1:07:46
  bear market is going to be 360 K like I, I, I, I think we could
• 1:07:51
  live with that. You know, we know it's going.
• 1:07:53
  To go. Higher, but it's going to go
• 1:07:54
  down to 360 K like I, I could get behind this.
• 1:07:57
  I, I think we still have cycle theory playing out for the next
• 1:08:00
  couple of years. So I, I think there's some some
• 1:08:03
  logic to this, but go Nico. I cut you off.
• 1:08:05
  Sorry. There is some other topics here
• 1:08:06
  but Nico flush this out. Yeah, so, and let's talk about
• 1:08:09
  next year. So a lot of people are, you
• 1:08:12
  know, Bitcoins chopping sideways.
• 1:08:14
  You know, a lot of people are getting unmotivated.
• 1:08:18
  And one of the one of the theories that we're hearing this
• 1:08:21
  cycle is this whole idea of diminishing returns.
• 1:08:24
  So people are saying, oh, you know, 2025, yeah, we might peak,
• 1:08:29
  but we'll peak at 100K Bitcoin, 120 K Bitcoin, you know, 200K
• 1:08:33
  Bitcoin. And I think a lot of people
• 1:08:35
  potentially, you know, feel a little bit underwhelmed on on
• 1:08:40
  those price levels. What would be your response to
• 1:08:42
  them? Listen, all I see is not not too
• 1:08:48
  long ago we were at 16 K and everybody was just crying and
• 1:08:52
  there was blood in the street. In a super short amount of time,
• 1:08:57
  we've gone up. What is it like for 57 today?
• 1:09:01
  I think that I think that's quite amazing if you just
• 1:09:05
  learned about Bitcoin when it was like at 75 and after all,
• 1:09:08
  the effect of initial effect of ETFs was priced in and a ton of
• 1:09:16
  excitement was created that that's a little bit, you know,
• 1:09:19
  that's not a great time to enter.
• 1:09:21
  And it's totally understandable for people to to, you know, to
• 1:09:26
  get disappointed when the price is low and it's also choppy.
• 1:09:29
  It's chopping is like one of the hardest things for people to
• 1:09:33
  they wrap their minds around because it goes up and makes you
• 1:09:35
  optimistic and then crashes. And then when it crashes, you
• 1:09:39
  probably get bearish and then next week it goes up.
• 1:09:42
  So it, it kind of makes you think, OK, I was wrong.
• 1:09:45
  A bull market is, you know, resuming, but now next week
• 1:09:48
  again, it crashes. So it plays with people's
• 1:09:50
  psychology and I, you know, in a, in a perverse way, I, it's
• 1:09:58
  kind of funny to watch this, how price action messes up people's
• 1:10:03
  brain. And if you, but if you look at
• 1:10:07
  history, this is nothing new. Like we've had this pattern
• 1:10:10
  every time because Bitcoin is a kind of behaves like a spring
• 1:10:16
  and when it's coiled and compressed, it explodes at once
• 1:10:23
  and then it, it spends a lot of time just getting compressed
• 1:10:27
  again. So compression is very slow and
• 1:10:30
  explosion is very fast. And and that's actually also not
• 1:10:34
  a new concept to Bitcoin. Many financial assets do work
• 1:10:37
  like this. If, if you run the numbers on
• 1:10:39
  S&P 500, you'll probably find that most of the gains come in
• 1:10:43
  like 3-4 days in a year and the rest of the year is just boring
• 1:10:48
  price action. That's that's why, by the way,
• 1:10:51
  that's why huddling is very important and staying invested,
• 1:10:54
  not trying to time the market. You probably can time like
• 1:10:57
  little moves here and there, but you're going to miss the biggest
• 1:10:59
  move, right? So this is exactly what we want.
• 1:11:03
  I mean, after the move from 16 to 75 and right now 57, we want
• 1:11:10
  to spend some time. I mean the market has to absorb
• 1:11:13
  how has to kind of absorb enough capital to make these price
• 1:11:17
  levels sustainable and that's going to form a new bottom for
• 1:11:21
  us. And kind of like you were
• 1:11:23
  saying, the, you know, thinking about the bottom improving is
• 1:11:27
  very important. The bottom is going up, but then
• 1:11:30
  you have a lot of volatility that obfuscates it.
• 1:11:34
  And all I see here is that we're just accumulating more and more
• 1:11:39
  economic energy in the in the system to to form a great basis
• 1:11:43
  and great foundation for the next leg up.
• 1:11:46
  Absolutely. I'm 100% agree with that.
• 1:11:48
  So we are getting close to the top of the hour.
• 1:11:50
  I I. I you want one last question.
• 1:11:53
  And I think this is a good way to end the show because it does
• 1:11:55
  tie into the whole theme of today's show.
• 1:11:58
  We've seen a we've mentioned that you are a professor and I
• 1:12:02
  have this great tweet here. And I think it's going to kind
• 1:12:05
  of like really hammer home this idea of proper economic
• 1:12:09
  education. So just reading this first part,
• 1:12:11
  you said, I began a class showing that business
• 1:12:14
  transactions are not extractive win loss and are value adding
• 1:12:19
  win win activities. And a student came up to you and
• 1:12:21
  said you basically blew her mind.
• 1:12:23
  And this is just emphasizing the importance of proper economic
• 1:12:28
  education. So just tying up today's show
• 1:12:31
  with the theme of it's so easy to gaslight everyone because
• 1:12:34
  they don't understand economics. They're they're economically
• 1:12:37
  illiterate. Can you just end the show on why
• 1:12:40
  you think it's so important for proper economic education?
• 1:12:43
  And then maybe even touch a little bit on what exactly is
• 1:12:46
  that proper economic education. Yeah, listen, you know, the only
• 1:12:50
  reason, as you you guys also very well mentioned in the
• 1:12:55
  beginning, the only reason these politicians can't trick us is
• 1:12:58
  because we are not thinking enough about, you know, the
• 1:13:01
  economic side of things. And a lot of people are not
• 1:13:04
  educated properly. The reason they get excited that
• 1:13:07
  they get a handout for buying certain things.
• 1:13:11
  They get support from the government for down payment on a
• 1:13:15
  house. The reason you get excited about
• 1:13:16
  these things because you don't know where that money is coming
• 1:13:19
  from. What are the implications of it?
• 1:13:21
  The reason we get fooled by Elizabeth Warren saying that
• 1:13:25
  businesses are price gouging and taking advantage of people is
• 1:13:29
  because we don't understand economics properly and and
• 1:13:34
  Marxist socialist ideologies are are kind of doing a lot of
• 1:13:38
  damage here. They're convincing people,
• 1:13:41
  especially poor people that are, you know, truly hurting to think
• 1:13:45
  that the reason that they're suffering is that the other
• 1:13:49
  side, which is the business, is unnecessarily raising the
• 1:13:52
  prices. Why can't you just sell the same
• 1:13:55
  thing to me at a cheaper price? And they're perpetuating this
• 1:13:58
  cycle of, you know, people wanting to steal from the
• 1:14:02
  wealthy. And if you really think about
• 1:14:06
  it, that the price occurs for a reason.
• 1:14:09
  If something is expensive, my question is why isn't another
• 1:14:13
  producer joining the market to to produce it as a cheaper
• 1:14:16
  price? Because if you're, if you're
• 1:14:18
  just gouging the price and it should be a lot lower, there is
• 1:14:21
  money to be made. There is another actor that can
• 1:14:24
  join the economy and produce the same thing at a much lower
• 1:14:26
  price. Everyone will be happy.
• 1:14:28
  The reason it's not happening is either because there's no price
• 1:14:31
  gouging or some crazy lost some crazy rule is preventing another
• 1:14:36
  entrepreneur doing the right thing.
• 1:14:38
  In both cases, we don't need government.
• 1:14:41
  We don't need politicians to put put it, use a hammer and put
• 1:14:44
  pressure on prices to go down. And you don't understand all
• 1:14:48
  these things when you have this framework of extraction.
• 1:14:51
  So when I buy something, the seller is stealing my money.
• 1:14:56
  Now I lost money, they gain money.
• 1:14:58
  That thinking is the philosophy behind socialism, right?
• 1:15:04
  So if that's the case, you always want them to give
• 1:15:07
  everything for free to you. But in the other way to look at
• 1:15:10
  it is if you paid $100 for something, well, you are not
• 1:15:14
  crazy. You, you did it voluntarily.
• 1:15:17
  And that only means you got more value, more than $100 out of
• 1:15:22
  that transaction. So if you analyze it this way,
• 1:15:27
  any economic transaction, if it is voluntary, if now, but nobody
• 1:15:30
  is forcing you to do it, is, is a win win.
• 1:15:33
  So you need more transactions. And if somebody's getting rich
• 1:15:36
  in that kind of free market, it's great.
• 1:15:39
  It's the most ethical thing they could do.
• 1:15:42
  Getting rich means you produced a ton of value for other human
• 1:15:46
  beings. That's respectable.
• 1:15:48
  That means you were just much more helpful to everybody else.
• 1:15:51
  And that's a complete opposite way of, you know, socialist
• 1:15:55
  think and they're training our kids to think incorrectly like
• 1:15:59
  that. 100% Well, This is why, you know, education, Bitcoin
• 1:16:03
  education is so important. The separation of money and
• 1:16:06
  state is so important. I don't think socialism can
• 1:16:09
  exist. I mean, it's in the it's the 5th
• 1:16:11
  tenet of the Communist manifesto, the necessity for a
• 1:16:13
  central bank, right? So I think Bitcoin, you know,
• 1:16:17
  fixes these things for sure. And it also, you know, just
• 1:16:20
  holding Bitcoin, I think it, I think it fixes you, you know,
• 1:16:24
  it, it definitely makes you feel empowered.
• 1:16:27
  It gives you a true appreciation of the value of money.
• 1:16:31
  And you know what, you know what, what money could, what
• 1:16:34
  actually what actual sound money could do for you.
• 1:16:36
  So anyways, we're getting to the top of the hour.
• 1:16:39
  I do want to thank our guests today, Cena from 21st capital.
• 1:16:44
  Cena, what is 20 First Capital? Where could people find it?
• 1:16:49
  What is it about? Who's it for?
• 1:16:52
  So to be brief in at 21st Capital we solve every question
• 1:16:58
  you might have about Bitcoin. So we are an advising company.
• 1:17:01
  A lot of our work is around hand holding people to teach them how
• 1:17:06
  to how to custody their coins. If you have a question about
• 1:17:10
  hardware wallet, if you have a problem with your wallets, if
• 1:17:13
  you have a problem with locating your funds, if you have a
• 1:17:16
  problem with any aspect of purchasing, storing and gaining
• 1:17:22
  sovereignty over your money, we can help.
• 1:17:26
  We also help people with legacy planning.
• 1:17:30
  We also create custom courses. Actually, a a few weeks back, we
• 1:17:34
  just finished a, a course that was designed specifically for a
• 1:17:40
  family. And a highlight of it was after
• 1:17:46
  we finished the course that, which was like in the 50s, he
• 1:17:51
  reached the conclusion that the existing system is a scam, just
• 1:17:56
  like, just like Nico was saying. And so we do education as well.
• 1:18:03
  And then we also have begun putting more and more
• 1:18:05
  quantitative analysis around it. So if you have any any kind of
• 1:18:10
  those questions, reach out to us.
• 1:18:13
  We'd be happy to chat. Absolutely.
• 1:18:15
  I'm going to put it in the chat for you guys as well and in the
• 1:18:18
  video description. And I do want to thank our
• 1:18:21
  guests for joining us today and giving us these awesome
• 1:18:25
  insights. So appreciate you, Cena.
• 1:18:27
  Thank you so much for coming on again.
• 1:18:29
  He's the COO of 21st Capital. Go to 20firstcapital.com today.
• 1:18:34
  And of course, my legendary Cos, Optimus Fields.
• 1:18:37
  This was your episode for September 11th.
• 1:18:42
  I just, I just realized the date and that's pretty sad.
• 1:18:46
  Yeah, yeah. September 11th, 2024 and, and
• 1:18:53
  we're Simply Bitcoin Live. We love you all.
• 1:18:54
  We appreciate everybody and thank you guys so much for
• 1:18:58
  tuning in. And we'll see you on tomorrow,
• 1:19:01
  tomorrow's episode of Simply Bitcoin Live.
• 1:19:03
  Peace out, everybody. You buy bitcoinwell.com, a
• 1:19:08
  Bitcoin only platform, on a mission to enable financial
• 1:19:11
  independence.